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The revenue cycleis one of many processes used in an effective accounting information system ais.
Revenue cycle in accounting systems. 1 introduction humans in maintaining their lives do various ways one of which is conducting business activities or activities. The revenue cycle is the set of activities in a business which brings about the exchange of goods or services with customers for cash. Most business transactions are conducted on a. The revenue cycle systems that we have examined so far are used by organizations that extend credit to their customers.
The revenue cycle economic enterprises both for profit and not for profit generate revenues through business processes that constitute their revenue cycle. Revenue cycle accounting information systems business process general ledger product business activities. In retail firms inventories need to be decreased as well this type of transaction is automatically processed using a computerized system. If a company is to stay in business their accountants need to be able to implement a wayof keeping track of the sales and profits.
Accounting information system salman akram hcc punjab university. Revenue cycle ais 1. The accounting process consists of several different cycles. In its simplest form the revenue cycle is the direct exchange of finished goods or services for cash in a single transaction between a seller and a buyer.
Recognizing sales is the first step in the revenue cycle. For example grocery stores do not usually function in this way. Technology is also changing the face of the revenue cycle and the ais in general. Tasks performed in the revenue cycle regardless of the technology used functional departments in the revenue cycle and the flow of revenue transactions through the organization documents journals and accounts needed for audit trails records decision.
Accountants define each transaction by activity and follow the same process to record and report related information. Obviously this assumption is not valid for all types of business enterprises. Accounting information systems audit objectives for wal mart financial reporting cycle for revenue purpose interrelated users stakeholders accounting cycle create an rea model in either bnf grammar format or in er diagram format for bowerkate corporation s revenue cycle management change accounting tables for revenue recognition cycle.
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